Parties have entered today into a purchase agreement pursuant to which Fattal Hotels is to acquire the Zien Group and its 12 hotels in the Netherlands from affiliates of KSL Capital Partners, LLC (KSL), a leading investor in travel and leisure businesses, as well as its partner, Garden Capital Group (GCG), whose shareholders, members of the Dijkstra family, founded the business. CMS has advised GCG in relation to the transaction. The transaction is scheduled to close in the second quarter of 2024 and is subject to customary closing conditions.
The sale transforms Leonardo Hotels into one of the leading hotel chains in the region – as its portfolio in the Benelux increases to 28 hotels. The acquired platform consists of five hotels in Amsterdam and several hotels in top locations in major cities in the Netherlands.
Zien Group's current portfolio of hotels was assembled by the Dijkstra family over 75 years. KSL acquired a majority interest in the business in December 2021. CMS has advised GCG also in relation to that transaction.
The CMS team comprised Roman Tarlavski, Dena Mokhberolsafa, Maarten Feenstra and Iris Zeilstra.
